By Brian Massie, A Watchman on the Wall
We have been trying to educate citizens to determine if they can afford the property tax levies before they vote on them. This article clearly shows that the younger generations pay more than 30% of their annual income for rent.
Housing Affordability Threshold for Homeowners = Mortgage + Property Taxes + Utilities cannot exceed 30% of annual income.
Housing Affordability Threshold for Renters = Monthly Rent + Utilities cannot exceed 30% of annual income.
If a homeowner votes for any property tax levy that causes them to exceed their housing affordability threshold, they are funding their own demise.
It remains to be seen, if the MAGA movement can move the needle on home ownership, or will we become a nation of renters. In reality, we really do not own our own home because of property taxes. We are merely renters from the government. If you doubt us, do not pay three consecutive property tax bills, and you will quickly realize who owns your home.
Report: Renters Worry They Won’t Be Able to Afford Homes in Biden’s America
By: lizabeth Weibel / 13 Apr 2024
Excerpts from the article:
Many renters in the United States worry that they will never be able to buy a home, citing a lack of affordability, according to a recent survey.
The survey found that 38 percent of renters had doubts that they would ever be able to own a home, an increase from 27 percent in 2023.
Among the list of reasons were “rising home prices and mortgage rates” that are making it difficult for renters to “believe in the American dream of homeownership.”
“Lack of affordability is the most commonly cited reason renters don’t believe they’ll ever own a home,” the report said.
When asked about the reasons why renters were not likely to purchase a home anytime soon, 44 percent said it was because homes were too expensive, 35 percent cited the inability to save for a down payment, 33 percent said it was not being able to afford mortgage payments, and 32 percent said it was because of high mortgage rates.
Other reasons for renters not being like to purchase a home included regular maintenance and upkeep being too expensive, lack of homes available to purchase, and needing to pay off student loans first.
Another survey from the Joint Center for Housing Studies of Harvard University found that in 2022, as renters dealt with increasing rent during the COVID-19 pandemic, “a record half of U.S. renters paid more than 30% of their income for rent and utilities,” with “nearly half” of renters ending up having to pay “more than 50% of their income.”
The migration flood created by Biden’s open border policies has caused the population in the United States to grow, which has impacted housing prices.
Due to rising housing costs that have led to a shortage of affordable housing, homelessness has risen in many cities. Between 2022 and 2023, homelessness in the United States rose roughly 11 percent, according to the Wall Street Journal.
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